Patrick M. Byrne (born November 29, 1962) is an American entrepreneur who was the CEO of Overstock.com. In 1999, Byrne launched Overstock.com after leading two smaller companies, including one owned by Warren Buffett’s Berkshire Hathaway. In 2002, Byrne took Overstock.com public. Since its initial public offering, Overstock.com has increased revenue to almost $1.8 billion, while achieving profitability in 2009.
In 2005, Byrne became known for his campaign against illegal naked short selling. Byrne and securities regulators maintained illegal naked shorting had been used in violation of securities law to distort prices of public companies’ stock. Under his direction, Overstock.com filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm.[5] In each case the defendants settled with Overstock.com out of court. Continue reading “Entrepreneur: Patrick M. Byrne”